UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
(Mark One)
For the quarterly period ended
OR
For the transition period from to
Commission file number
Southern Missouri Bancorp, Inc. | ||
(Exact name of registrant as specified in its charter) | ||
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(State or jurisdiction of incorporation) | (IRS employer id. no.) | |
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(Address of principal executive offices) | (Zip code) |
(
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☒ | No | ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒ | No | ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (check one):
Large accelerated filer | ☐ | ☒ | Non-accelerated filer | ☐ | Smaller reporting company | ||
Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12 b-2 of the Exchange Act)
Yes | No | ☒ |
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:
Class |
| Outstanding at May 9, 2022 |
Common Stock, Par Value $.01 |
SOUTHERN MISSOURI BANCORP, INC.
FORM 10-Q
INDEX
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| PAGE NO. | ||
3 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
9 | ||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations | 42 | |||
62 | ||||
65 | ||||
66 | ||||
66 | ||||
66 | ||||
66 | ||||
66 | ||||
66 | ||||
66 | ||||
67 | ||||
69 | ||||
PART I: Item 1: Condensed Consolidated Financial Statements
SOUTHERN MISSOURI BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, 2022 AND JUNE 30, 2021
| March 31, 2022 |
| June 30, 2021 |
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(dollars in thousands) |
| (unaudited) | |||||
Assets | |||||||
Cash and cash equivalents | $ | | $ | | |||
Interest-bearing time deposits |
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Available for sale securities |
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Stock in FHLB of Des Moines |
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Stock in Federal Reserve Bank of St. Louis |
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Loans receivable, net of ACL of $ |
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Accrued interest receivable |
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Premises and equipment, net |
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Bank owned life insurance – cash surrender value |
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Goodwill |
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Other intangible assets, net |
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Prepaid expenses and other assets |
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Total assets | $ | | $ | | |||
Liabilities and Stockholders' Equity |
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Deposits | $ | | $ | | |||
Advances from FHLB |
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Accounts payable and other liabilities |
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Accrued interest payable |
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Subordinated debt |
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Total liabilities |
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Commitments and contingencies | |||||||
Common stock, $ |
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Additional paid-in capital |
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Retained earnings |
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Treasury stock of |
| ( |
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Accumulated other comprehensive income (loss) |
| ( |
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Total stockholders' equity |
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Total liabilities and stockholders' equity | $ | | $ | |
See Notes to Condensed Consolidated Financial Statements
-3-
SOUTHERN MISSOURI BANCORP, INC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE- AND NINE- MONTH PERIODS ENDED MARCH 31, 2022 AND 2021 (Unaudited)
Three months ended |
| Nine months ended | |||||||||||
| March 31, | March 31, | |||||||||||
(dollars in thousands except per share data) |
| 2022 |
| 2021 |
| 2022 |
| 2021 |
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INTEREST INCOME: | |||||||||||||
Loans | $ | | $ | | $ | | $ | | |||||
Investment securities |
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Mortgage-backed securities |
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Other interest-earning assets |
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Total interest income |
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INTEREST EXPENSE: | |||||||||||||
Deposits |
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Advances from FHLB |
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Subordinated debt |
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Total interest expense |
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NET INTEREST INCOME |
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PROVISION (BENEFIT) FOR CREDIT LOSSES |
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NET INTEREST INCOME AFTER PROVISION (BENEFIT) FOR CREDIT LOSSES |
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NONINTEREST INCOME: |
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Deposit account charges and related fees |
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Bank card interchange income |
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Loan late charges |
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Loan servicing fees |
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Other loan fees |
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Net realized gains on sale of loans |
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Net realized gains on sale of AFS securities |
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Earnings on bank owned life insurance |
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Other income |
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Total noninterest income |
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NONINTEREST EXPENSE: |
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Compensation and benefits |
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Occupancy and equipment, net |
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Data processing expense |
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Telecommunications expense |
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Deposit insurance premiums |
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Legal and professional fees |
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Advertising |
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Postage and office supplies |
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Intangible amortization |
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Foreclosed property expenses/losses |
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Other operating expense |
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Total noninterest expense |
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INCOME BEFORE INCOME TAXES |
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INCOME TAXES |
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NET INCOME | $ | | $ | | $ | | $ | | |||||
Basic earnings per share | $ | | $ | | $ | | $ | | |||||
Diluted earnings per share | $ | | $ | | $ | | $ | | |||||
Dividends paid | $ | | $ | | $ | | $ | |
See Notes to Condensed Consolidated Financial Statements
-4-
SOUTHERN MISSOURI BANCORP, INC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE- AND NINE- MONTH PERIODS ENDED MARCH 31, 2022 AND 2021 (Unaudited)
Three months ended |
| Nine months ended | |||||||||||
| March 31, | March 31, | |||||||||||
(dollars in thousands) |
| 2022 |
| 2021 | 2022 |
| 2021 |
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Net income | $ | | $ | | $ | | $ | | |||||
Other comprehensive loss: |
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Unrealized losses on securities available-for-sale |
| ( |
| ( | ( | ( | |||||||
Less: reclassification adjustment for realized gains included in net income | — | | — | | |||||||||
Tax benefit |
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Total other comprehensive loss |
| ( |
| ( | ( | ( | |||||||
Comprehensive income | $ | | $ | | $ | | $ | |
See Notes to Condensed Consolidated Financial Statements
-5-
SOUTHERN MISSOURI BANCORP, INC
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE THREE- AND NINE- MONTH PERIODS ENDED MARCH 31, 2022 AND 2021 (Unaudited)
For the three- and nine- month period ended March 31, 2022 | ||||||||||||||||||
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| Additional |
| Accumulated Other | Total | |||||||||||||
| Common |
| Paid-In |
| Retained |
| Treasury |
| Comprehensive |
| Stockholders' | |||||||
(dollars in thousands) |
| Stock |
| Capital |
| Earnings |
| Stock |
| Income (Loss) |
| Equity | ||||||
BALANCE AS OF DECEMBER 31, 2021 | $ | | $ | | $ | | $ | ( | $ | | $ | | ||||||
Net Income | | | ||||||||||||||||
Change in unrealized loss on available for sale securities | ( | ( | ||||||||||||||||
Dividends paid on common stock ($ | ( | ( | ||||||||||||||||
Stock option expense | | | ||||||||||||||||
Stock grant expense | | | ||||||||||||||||
Common stock issued | | | | |||||||||||||||
BALANCE AS OF MARCH 31, 2022 | $ | | $ | | $ | | $ | ( | $ | ( | $ | | ||||||
BALANCE AS OF JUNE 30, 2021 | $ | | $ | | $ | | $ | ( | $ | | $ | | ||||||
Net Income |
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Change in unrealized loss on available for sale securities |
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| ( |
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Dividends paid on common stock ($ |
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Stock option expense | | | ||||||||||||||||
Stock grant expense | | | ||||||||||||||||
Common stock issued | | | | |||||||||||||||
Treasury stock purchased | ( | ( | ||||||||||||||||
BALANCE AS OF MARCH 31, 2022 | $ | | $ | | $ | | $ | ( | $ | ( | $ | |
For the three- and nine- month period ended March 31, 2021 | ||||||||||||||||||
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| Additional |
| Accumulated Other | Total | |||||||||||||
| Common |
| Paid-In |
| Retained |
| Treasury |
| Comprehensive |
| Stockholders' | |||||||
(dollars in thousands) |
| Stock |
| Capital |
| Earnings |
| Stock |
| Income |
| Equity | ||||||
BALANCE AS OF DECEMBER 31, 2020 | $ | | $ | | $ | | $ | ( | $ | | $ | | ||||||
Net Income | | | ||||||||||||||||
Change in unrealized loss on available for sale securities | ( | ( | ||||||||||||||||
Dividends paid on common stock ($ | ( | ( | ||||||||||||||||
Stock option expense | | | ||||||||||||||||
Stock grant expense | — | |||||||||||||||||
Common stock issued | | | ||||||||||||||||
Treasury stock purchased |
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BALANCE AS OF MARCH 31, 2021 | $ | | $ | | $ | | $ | ( | $ | | $ | | ||||||
BALANCE AS OF JUNE 30, 2020 | $ | | $ | | $ | | $ | ( | $ | | $ | | ||||||
Impact of ASU 2016-13 adoption | ( | ( | ||||||||||||||||
Net Income |
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Change in unrealized loss on available for sale securities |
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| ( |
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Dividends paid on common stock ($ |
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Stock option expense |
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Stock grant expense |
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Common stock issued | | |||||||||||||||||
Treasury stock purchased |
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| ( |
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BALANCE AS OF MARCH 31, 2021 | $ | | $ | | $ | | $ | ( | $ | | $ | |
See Notes to Condensed Consolidated Financial Statements
-6-